Skip to comments.ADP: September Private-Sector Jobs +91K Vs Expected +75K
Posted on 10/05/2011 7:48:23 AM PDT by SeekAndFind
NEW YORK -(Dow Jones)- Private businesses added slightly more than expected jobs in September, according to a report released Wednesday. But large companies cut jobs and thanks mostly to two enterprises cutting staff, layoff announcements last month jumped to the highest number in more than two years.
Private-sector jobs in the U.S. rose by 91,000 last month, according to a national employment report published by payroll giant Automatic Data Processing Inc. (ADP) and consultancy Macroeconomic Advisers.
Economists surveyed by Dow Jones Newswires had expected ADP would report a September gain of just 75,000. The August data were revised down to show a rise of 89,000 versus 91,000 reported a month ago.
The ADP survey tallies only private-sector jobs, while the Bureau of Labor Statistics' nonfarm payroll data, to be released Friday, include government workers.
Economists surveyed by Dow Jones Newswires expect total nonfarm payrolls rose by only 60,000 slots in September after the number of jobs were unchanged in August. State and local government layoffs probably cut the top-line payroll number, while the return of about 46,000 workers on strike at Verizon in mid-August will lift the job tally.
The September unemployment rate is expected to remain at 9.1%. The jobless rate has been 9.0% or more since April, a sign of how labor markets are running out of steam.
The latest ADP report showed large businesses with 500 employees or more cut 5,000 employees from their staffs, while medium-size businesses added 36,000 workers in September and small businesses that employ fewer than 50 workers hired 60,000 new workers.
Service-sector jobs increased by 90,000 last month, and factory jobs fell by 5,000.
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These private sector jobs have been almost the same each month, all year long. So no real improvement.
Administration again “managing” numbers and lowering expectations so they can crow when they come in higher.
Every single week we see the previous weeks numbers revised downward for the new jobless claims report. Nothing coming out of Washington can be trusted.
U.S. employers announced the most job cuts in more than two years in September, led by planned reductions at Bank of America Corp. (BAC) and in the military.
Announced firings jumped 212 percent, the largest increase since January 2009, to 115,730 last month from 37,151 in September 2010, according to Chicago-based Challenger, Gray & Christmas Inc
It will take a few months of retro adjustments to add in all those layoffs.
Meanwhile normal average population growth in September was 150,000 plus 125,000 new legal workers were brought into the country for a total of 275,000 new workers.
Ignoring questions about the +91,000 jobs such as are they full time, what do they pay, that makes payroll jobs at a net -184,000.
I’m thrilled! /sarc
Obviously, they "cooked the books" and are LIEING.
Nothing new...same old BULL$HIT!!
ADP numbers are so “noisy” and have such low skill at predicting the BLS release that they have no value at all, really.
Part of how I manage the non-stop river of noise posing as information is to examine the value of each “indicator” that gets released on a monthly/quarterly/annual basis and draw up a chart of “rapt attention/make note of/ignore” that should be done with it.
If that's the case, isn't the "zero net new jobs" actually in negative territory for August?
Investors are panicking. Businesses are being raided. Regulations are crushing investment. Companies are hoarding money.
We are about to enter into what Greece is experiencing only we'll do it in one steep drop because there's no one to catch us.
Any chance you could share your list?